Baku Energy Week to kickstart wave of fresh investments into Azerbaijan

Commentary Materials 7 June 2024 14:31 (UTC +04:00)
Baku Energy Week to kickstart wave of fresh investments into Azerbaijan
Farid Zohrabov
Farid Zohrabov
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BAKU, Azerbaijan, June 7. Organizing the Baku Energy Week has become a time-honored tradition, Azerbaijani MP Azer Badamov told Trend.

He recalled that this event was first organized thirty years ago, when Azerbaijan had just gained its independence and was dealing with certain difficulties. To develop the nation, foreign investments were required.

The MP made the point that "The Contract of the Century" was signed, injecting billions of dollars into the national economy, following the inaugural Baku Energy Week in 1994.

"The Baku Energy Week now encompasses the green energy industry, whereas thirty years ago it was focused on developing the oil and gas industry only. New issues with producing green energy have entered our agendas these days. Even though a few companies from a few countries took part in the event back then, 300 companies from 37 countries do now.

The newest technology is being displayed by these companies as part of Baku Energy Week. Naturally, this will be significant to the growth of our oil and gas sector as well as the creation of renewable energy sources," he said.

According to the MP, Azerbaijan's 'green' agenda is quite extensive.

"Our country defined its green agenda even before the decision to hold COP29 was made. Thus, the territories liberated from occupation were declared a green zone, the green energy potential of our country was identified, and it was confirmed that the renewable energy potential in the country is about 200 gigawatts.

Azerbaijan, by developing its 'green' agenda, is also contributing to the fight against global climate change. Thus, the country is taking practical steps to reduce greenhouse gas emissions. During Baku Energy Week, the foundation was laid for three new renewable energy plants. With the launch of these stations, one gigawatt of new capacity will be added to our green energy capacity.

Overall, Azerbaijan plans to produce two gigawatts of green energy by the end of 2027. Producing green energy allows us to save on gas consumption. Thus, the production of one gigawatt of green energy will enable us to save 500 million cubic meters of natural gas. By 2027, we plan to increase the volume of gas we export to Europe to 20 billion cubic meters. Thanks to the development of the green energy sector, we will be able to export the saved gas to Europe," said Badamov.

According to him, increasing gas exports to Europe will reduce the use of solid fuels there.

"This is also one of our contributions to the fight against global climate change. Our country will also export green energy to Europe. Thanks to a joint agreement between Azerbaijan, Georgia, Romania, and Hungary, the construction of a 'green' cable line along the bottom of the Black Sea will begin soon."

This will also enable us to bring the renewable energy resources that we will produce to European markets. During Baku Energy Week, discussions on all these issues are taking place, and serious steps will be taken towards implementing these processes. The Baku Energy Week will also accelerate the influx of new investments into our country.

Major leading companies cooperating with us in the energy sector believe that our word carries as much weight as our signature because we are committed to fulfilling all the agreements we sign. The political significance of holding Baku Energy Week is also very great.

It strengthens our country's political position and increases the number of our friends. The congratulatory letters sent by the heads of state from the USA, the UK, and Türkiye are indicators of the global importance of Baku Energy Week. Azerbaijan has become a country with extensive experience in hosting international events. Our country brings peace, tranquility, mutual benefit, and development to every cooperating partner," added the MP.

Commenting on the issue, economic expert Eyyub Karimli said that the topics discussed during the Baku Energy Week are very important for Azerbaijan and the region.

"Considering that these are topics such as energy security, expanding exploration and production capabilities in the Caspian Sea and the region, as well as the potential of green energy, it is clear how important this event is. Today, our country's importance to Europe's energy security is increasing.

Already, our nation is effectively drawing in international investors for the green energy industry. Hosting this conference offers Azerbaijan a wide range of chances to realize its enormous potential in this field. Three hundred companies representing 37 nations attended Baku Energy Week. This will all help our nation maintain energy security," added the expert.

To note, the Baku Energy Week was held in Azerbaijan on June 4–6.

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